First Banks, Inc.,the holding company of First Bank, today announced a net loss of $2.1 million for the three months ended September 30, 2011 as compared to a net loss of $47.8 million for the three months ended September 30, 2010.
For the nine months ended September 30, 2011, the Company reported a net loss of $25.3 million as compared to a net loss of $140.3 million for the nine months ended September 30, 2010. The net loss for the three and nine months ended September 30, 2011 includes a provision for loan losses of $19.0 million and $52.0 million, respectively, as compared to $37.0 million and $162.0 million for the three and nine months ended September 30, 2010, respectively. The Company’s subsidiary bank, First Bank, reported a net profit for the three months ended September 30, 2011 of $1.1 million. This represents First Bank’s first quarterly profit since the first quarter of 2008.